Chinese electric-vehicle maker, NIO, has updated its initial public offering (IPO) prospectus and set terms to raise a total of $1.32 billion.
YT Jia’s car manufacturing business has made new progress. Faraday Future, an electric vehicle startup backed by LeEco founder YT Jia, announced the opening of its factory in Hanford, California. Photos revealed that the factory is already operating with some personnel and mechanical equipment.
On February 28, the media reported that NIO has hired eight banks, including Morgan Stanley and Goldman Sachs, to prepare for its planned listing in U.S. this year. The IPO is expected to raise up to $2 billion USD.
Media were impressed with the 80-million-yuan lavish launch event for the ES8 in Wukesong Venue. There is no doubt NIO raised more investment and spent more money than any other automotive start-up in China. Since its establishment, NIO has raised more than US $2 billion.
BYD announced it would build an electric truck factory in Canada, which will be its first electric car assembly plant in Canada. The electric truck plant is scheduled to be put into operation next year.
This morning, XPENG chairman He Xiaopeng drove the first XPENG car with a Beijing license place onto the streets near the National Convention Center.